Allen Iverson Is Broke: Where He Ranks With Other Famous People Who Went Broke
The latest chapter of Allen Iverson's tumultuous life has taken a turn towards disaster.
Reports are that he has blown through his entire $154 million fortune and he is now flat broke after a jewler in Atlanta is seeking access to his bank accounts in order to recoup the $860,000 he owes to them. They are also going to garnish any of his earnings.
Does this really come as any surprise when you consider he carried a 50-person entourage of hanger-ons, spent money on dozens of cars, homes, and bling throughout his illustrious career?
What's even more sad is that his wife Tawanna divorced him when she had enough of his antics. She claimed that she didn't have any money to feed their five children, while he was blowing his money on bling.
Now after playing in Turkey last year, Iverson is scrambling trying to find some team - just any team who will put up with him. In fact, Iverson may play in Puerto Rico.
Allen Iverson's story becomes one of the true great American sports tragedies. It's almost on par with Mike Tyson's historically tragic life.
At just 36 years old, Iverson has managed to do what few can do - squander a fortune which could turn a family into an empire.
Instead he lived a foolish lifestyle like so many athletes and entertainers do. Iverson joins an elite class of celebrities who went from riches to rags. Some famous people who went broke include MC Hammer, Willie Nelson, Kim Basinger, Mike Tyson, Michael Jackson, Burt Reynolds, Gary Coleman, Ed McMahon, and Marvin Gaye. Willie Nelson: owed the IRS $16.7 million in 1990. He could have used TurboTax for free!
Just where does Iverson's epic plunge rank with these celebrities?
Mike Tyson: the legendary boxer blew through a $300 million fortune and spent his money on lavish properties, exotic animals, bling, cars...you name it.
Willie Nelson: owed the IRS $16.7 million in 1990
Ed McMahon: died with $1.5 million in debts and faced foreclosure on his home prior to death.
Kim Basinger: bought the town of Braselton, Georgia for $20 million and was forced to sell it for just $1 million after she went into financial ruin and lost a lawsuit. She was sued for $8 million for backing out of the film "Boxing Helena."
Marvin Gaye: went bankrupt in 1979 and moved to Hawaii and lived in a van.
Burt Reynolds: had bad investments in two restaurants which went under and declared bankruptcy in 1996 with $6.6 million in assets and $11.2 million in debts.
MC Hammer: one of the most foolish celebrities ever with money. He declared bankruptcy in 1996 after accumulating $13 million in debts. He was forced to sell if California home, which had a 17-car garage, 2 swimming pools, and many other amenties. He is also well-known for purchasing gold chains for his dogs.
Gary Coleman: declared bankruptcy in 1999 after he was broke and $72-grand in debt
Michael Jackson: when he passed away in June, 2009 - it was estimated that he died with $400 million in debts. However, the truth is he had $1 billion in assets and $500 million in unpaid debts. Jackson is often confused with celebrities who went broke, but in truth he came out ahead despite his bad moves. Then again he did own the Beatles music collection. It's almost impossible to squander that amount of money.
While Iverson has suffered a historic demise, he's not in Mike Tyson territory, but pretty darn close.
On an interesting side note, one of America's founders and greatest intellectuals in Thomas Jefferson died broke. Now that's really tragic!
Contact Dennis Bakay at email@example.com
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